Monthly Market Report
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The Real Estate Board of Greater Vancouver (REBGV) reports that total residential sales for detached, attached and apartment properties reached 3,387 units in April 2007, an increase of 1.3 per cent when compared to the 3,345 units sold in April 2006 and a decrease of 16.2 per cent when compared to the 4,043 sales in April 2005.
New listings for detached, attached and apartment properties increased by 25.3 per cent to 5,580 units compared to the 4,452 units listed in April 2006. The total number of active listings increased by 25.8 per cent to 11,347 units when compared to April 2006’s 9,022 units.
“So far, the constants our market has experienced over the past five years are holding strong in 2007. We’re still in one of the best markets real estate has ever had in Greater Vancouver. Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers,” says REBGV president Brian Naphtali. “Last month, the average days a property spent on market dropped again, down to 39 days, compared to 43 days in March, 49 days in February, and 56 days in January.
“There were a couple of surprises in April’s market, particularly in attached housing sales throughout Greater Vancouver. Consumers buying townhomes in Richmond and Burnaby are clearly finding great value for their dollar as sales activity in those two cities came within a few units of breaking records,” explains Naphtali. “We also saw a significant increase in both new listings and active listings inventory. To get a better idea of what sort of properties are now available in your community, set up a meeting with your local REALTOR®.”
According to Multiple Listings Service® (MLS®) data, sales of apartment properties decreased by 1.2 per cent to 1,350 sales in April 2007 compared to 1,366 sales in April 2006. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $355,108, up 14.7 per cent from one year ago.
Sales of attached properties increased by 17.6 per cent in April 2007 to 634 sales, compared to 539 sales in April 2006. The benchmark price of an attached unit is $432,490, up 13.8 per cent from a year ago.
Sales of detached properties decreased by 2.6 per cent in April 2007 to 1,403 sales, compared to 1,440 sales in April 2006. The benchmark price of a detached unit is $695,069, up 11.9 per cent from last year.
Bright spots in Greater Vancouver in April 2007 compared to April 2006:
Delta South up 25% (60 units sold, up from 48)
Port Moody/Belcarra up 44.4% (26 units sold, up from 18)
Burnaby up 39.2% (110 units sold, up from 79)
Richmond up 59.6% (158 units sold, up from 99)
Vancouver West up 21.3% (74 units sold, up from 61)
Delta South up 31.3% (21 units sold, up from 16)
Port Moody/Belcarra up 58.3% (38 units sold, up from 24)
Vancouver West up 9.1% (479 units sold, up from 439)